Upcoming Deadline: BC Training and Education Savings Grant (BCTESG)
Photo by Unsplash user Fabiola Peñalba
An Information Bulletin published in BC Gov News on June 25, 2019 reminded parents and guardians of eligible children that deadlines are fast approaching to sign up for the $1,200 BC Training and Education Savings Grant (BCTESG).
The bulletin reminds parents and caregivers that almost 80% of job openings in B.C. over the next decade will require some form of post-secondary education. The grant may be used toward full-time and part-time studies in a wide range of programs, including vocational schools, apprenticeships, trades training, college or university.
There are no additional fees or financial contributions needed to receive the $1,200 grant, so parents and families who cannot afford to put aside savings at this time can still start a Registered Education Savings Plan (RESP).
Signing up is as easy as stopping in at a local bank or financial institution to complete a simple application for an RESP. If approved, the $1,200 grant will be deposited directly into the RESP. Once deposited, the investment grows tax free.
The BCTESG is only available over a three-year window. For children born after 2010, those aged six to nine are eligible. Eligibility deadlines:
For children born in 2006 – Aug. 14, 2019
For children born in 2010 – the day before the child’s ninth birthday in 2019
For children born in 2011 – the day before the child’s ninth birthday in 2020
For children born in 2012 – the day before the child’s ninth birthday in 2021
For children born in 2013 – the day before the child’s ninth birthday in 2022
Parents and guardians are asked to visit their financial institution and ask if they offer the grant.
For further information about the BCTESG, visit: https://www2.gov.bc.ca/BCTESG/
For further information about additional Government of Canada RESP incentive programs, visit: https://www.canada.ca/en/employment-social-development/services/student-financial-aid/education-savings.html